Abstract: We investigate topology and temporal evolution of the foreign currencyexchange market viewed from a weighted network perspective. Based on exchangerates for a set of 46 currencies including precious metals, we constructdifferent representations of the FX network depending on a choice of the basecurrency. Our results show that the network structure is not stable in time,but there are main clusters of currencies, which persist for a long period oftime despite the fact that their size and content are variable. We find along-term trend in the network-s evolution which affects the USD and EUR nodes.In all the network representations, the USD node gradually loses itscentrality, while, on contrary, the EUR node has become slightly more centralthan it used to be in its early years. Despite this directional trend, theoverall evolution of the network is noisy.